Tel Aviv shares slide in worst day since 2011

by

JERUSALEM (Reuters) – Israeli stocks slid on Sunday, posting their worst daily performance in more than seven years in a broad selloff that followed declines on Wall Street late last week.

The Tel Aviv 125 share index <.TA125> was down 4.5 percent in late trading, its largest decline since Aug. 7, 2011 but recovering slightly from an earlier drop of 6 percent, while the blue-chip TA-35 <.TA35> was 4.9 percent lower.

Israeli media reported that mutual fund redemptions were the highest ever.

Sunday’s losses were led by a 28 percent drop in drugmaker Perrigo <PRGO.TA> <PRGO.N> after Ireland demanded the company, formerly known as Elan, pay 1.64 billion euros ($1.9 billion) in taxes relating to 2013, a U.S. securities filing showed.

Teva Pharmaceutical Industries <TEVA.TA> <TEVA.N>, the world’s largest generic drugmaker, shed 8.1 percent while all other components in the TA-125 were down, with the exception of RedHill Biopharma <RDHL.TA>, which was up 0.4 percent.

You may also like

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: